Asian stock markets closed higher in response to the recovery of US banking stocks. China’s Shanghai Composite closed up at 3,263.31 points, up 18.00 points, or +0.55%, driven by the country’s strong economic data.
Hong Kong’s Hang Seng closed higher at 19,539.87 points, up 291.91 points, or +1.52%, as investor concerns eased after US governments and the rest of the world reassured that the banking crisis could be contained.
Tokyo’s Nikkei closed slightly higher at 27,229.48, up 7.44 points, or +0.03%, after intraday volatility. The market received positive factors from investors buying banking stocks, although there are still concerns about the bankruptcy news in the US.
In Australia, the S&P/ASX 200 closed at 7,068.90, an increase of 60 points, or +0.86%, and All Ordinaries closed at 7,263.10, an increase of 62 points, or +0.86%, driven by a recovery in banking and technology stocks. This was after investors eased concerns about the news of the bankruptcy of Silicon Valley Bank (SVB).
South Korea’s composite rose to 2,379.72 points, up 30.75 points, or 1.31%, as investor concerns eased after US governments and the rest of the world expressed confidence that the banking crisis could be contained.
Overall, the optimism was sparked by the recovery of US banking stocks, which boosted investor confidence in the global market. With this development, market participants are hoping for a strong rebound in the coming days, especially with the global economy showing signs of resilience despite the recent challenges.